The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has uncovered an alleged ₦710 million proof-of-funds fraud scheme in which proceeds were allegedly channelled into luxury vehicles, property, gambling activities and a spa and beauty business.
Eight suspects, including a banker, have been arraigned before the Federal High Court, Lagos Judicial Division, on a 12-count charge over their alleged involvement in the scheme.
The suspects are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
According to a statement issued by the PSFU on Wednesday, the investigation followed a petition to the Commissioner of Police over the alleged fraudulent disbursement of ₦710 million placed on Post-No-Debit (PND) into eight designated accounts.
The police alleged that Emmanuel Obinyan Osenonome, a banker and Senior Relationship Officer, connived with Emmanuel Egharevba to obtain the cooperation and personal identification details of other individuals to facilitate the opening of accounts allegedly used to launder the proceeds.
A forensic analysis by the unit’s Corporate and Public Accounts Fraud Section reportedly traced significant movements of the suspected proceeds to accounts linked to individuals connected with the principal suspect.
Those identified included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, a sibling of Emmanuel Obinyan, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified in the statement as Emmanuel Obinyan’s wife.
Investigators also alleged that forged and disputed proof-of-funds, indemnity and Post-No-Debit documents were used to facilitate the transactions.
Cars, Land and Spa Under Investigation
Among the assets identified by investigators were a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles valued at ₦8 million each, and a plot of land at Magodo Phase I, Lagos, reportedly purchased for ₦40 million.
The police further alleged that part of the suspected proceeds was spent on personal financial obligations and gambling activities, while ₦40 million was channelled into CIBEX trading.
About ₦60 million was also reportedly used to establish and operate a spa and beauty business, including furnishing the facility.
The PSFU said the findings demonstrated the unit’s capacity to trace assets suspected to have been acquired with proceeds of financial crimes.
Police Vow to Pursue Financial Crimes
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to thorough, professional and evidence-based investigations, particularly in cases involving complex financial transactions and suspected abuse of banking processes.
He said the unit would continue to investigate financial crimes through lawful procedures and ensure that relevant evidence was properly obtained, documented and presented before a court of competent jurisdiction.
The arraignment marks a further step in the case, with the allegations against the eight defendants yet to be determined by the court.
